The holding company for merged carriers BA and Iberia has announced half-year profits (before tax) of €39m, compared to a loss of €419m for the same period in 2010.
The result was achieved despite an increase in fuel costs of 34.8 per cent, with CEO Willie Walsh describing it as “a good first half performance”. However it should be noted that last year’s results for the same period were affected by both the ash cloud crisis and strikes by BA cabin crew.
Walsh said that “Against a background of economic uncertainty, London remains a strong market”, and added that the group is “on target to deliver its year one synergies”, including cost savings through joint procurement in areas such as insurance and airport handling, the establishment of a single cargo business, and the introduction of integrated sales and airport teams in several key markets.
Walsh said that customers “are also directly benefiting through airline website cross-selling, more fare and schedule choice on overlapping long-haul routes and easier access to more destinations via new codeshares”.
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